The HEX cryptocurrency fell almost 30% in 24 hours after local media reported that its founder, Richard Schueler, also known as Richard Heart, had been detained by Turkish authorities in Istanbul.
HEX market value drops by about $160 million
HEX declined to $0.0006 by 11:28 a.m. UTC on Thursday, according to CoinMarketCap data cited by Cointelegraph. Its market capitalization fell from more than $500 million on Wednesday to about $340 million by the time of reporting, wiping out approximately $160 million in value.
The token had previously reached more than $0.44 in September 2021. Market capitalization measures the combined value of tokens in circulation at the prevailing market price, so a sharp fall in the price can quickly reduce the reported size of a crypto project.
The price move followed reporting by Turkish news outlet Ihlas Haber Ajansı, or IHA. The outlet said Schueler and his wife were detained in Istanbul. Police reportedly seized several devices, hardware wallets, jewelry and handguns.
Detention follows international wanted notice
The reported detention came almost two years after Interpol issued a Red Notice for Schueler. The notice was connected to allegations of tax fraud and assault, with Finnish authorities seeking his arrest. A spokesperson for Finland’s National Bureau of Investigations declined to comment on the matter.
Schueler was also included on Europe’s most wanted fugitives list over similar allegations. The listing alleged that he physically assaulted a 16-year-old victim by pulling the person’s hair, dragging them into a stairwell and knocking them to the ground. These remain allegations reported in connection with the case.
Earlier SEC case was dismissed
The founder has also faced legal action in the United States. In July 2023, the Securities and Exchange Commission sued Schueler, alleging that he raised $1 billion through an unregistered securities offering and misappropriated at least $12 million.
US District Judge Carol Bagley Amon dismissed that case in February 2025, ruling that the activities were not sufficiently directed at US investors. The SEC said in April 2025 that it did not intend to refile its securities fraud complaint against Schueler.
The latest price reaction illustrates how legal reports involving a crypto project’s founder can affect the token’s market value, particularly when the project is closely associated with that individual. The detention report itself was made by local media; the source material does not provide a statement from Schueler or Turkish authorities.
Moneyiar market picture
Moneyiar data at 9:13–9:14 p.m. local time on Oct. 15, 2026, showed:
- NEAR Protocol (NEAR): $5.3434631529, up 11.45% over 24 hours and 17.84% over seven days.
- Polygon (prev. MATIC) (POL): $0.0956878339, up 0.02% over 24 hours and down 2.61% over seven days.
- RedStone (RED): $0.1579638304, up 0.16% over 24 hours and 8.7% over seven days.
The figures are Moneyiar market data at the stated times and do not include a HEX quote.
